A busy morning lay ahead for the markets. The new and not-necessecarily-improved Goldman Sachs reports earnings shortly. They are expected to show their first loss as a public company. CPI is expected to tumble by nearly 2% while housing starts will continue to slide, with any luck.
The dollar has weakened a bit in early New York trade, with EUR/USD back above 1.37 and USD/JPY dipping below 90.00.
The Fed is the main event of the afternoon with the markets hoping for some clarity on the notion of quantitative ease in addition to anticipation of a further cut in the Fed funds target
